IOHK Sidechain Paper Accepted for the IEEE Symposium on Security and Privacy

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IOHK has on 09th of January announces that their paper on sidechains has been accepted for the IEEE Security and Privacy Symposium. IOHK conducts research and development in the field of blockchain and is best known for working on Cardano and Ethereum Classic. The authors of the paper propose the first formal definition of sidechain systems and discuss how digital assets can be safely transferred between sidechains. In addition, they introduce a new security feature for sidechains that resembles a firewall. Finally, they demonstrate their findings using a proof-of-stake-based system.

Sidechains and their security

Sidechains are among the most promising methods to solve the fundamental problem of scalability and interoperability of blockchains. A sidechain is a standalone blockchain attached to a parent blockchain, the so-called mainchain. Interoperability describes the ability to exchange information and assets of different blockchains. The authors formalize this understanding of sidechains and propose various definitions. These are abstract enough to cover Proof of Work, Proof of Stake, and other consensus mechanisms.

The authors emphasize the importance of a proposed security feature, which they present as a firewall for the respective blockchains. According to this, in the case of a "catastrophic error" one blockchain should remain unaffected. In other words, there can never be more assets transferred to a blockchain than were originally transferred out. In case of doubt, for example, you block transfers from the sidechain to the mainchain and check for a history that validates those transfers. These ideas are finally implemented by the authors in the last part of the paper and prove the validity of their assumptions in various tests.

Presence at the symposium legitimates blockchain research

The IEEE Security and Privacy Symposium has been one of the most prestigious information security and digital privacy conferences for decades. This year's symposium will take place from May 20 to 22 in San Francisco. Chief scientist Kiayias interprets that the team had the opportunity to present their paper there as a great endorsement of their work. In addition, the presence of such topics at key events such as this legitimizes and underlines the continuing blockchain research.

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Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of CriptomonedaseICO , and should not be attributed to, CriptomonedaseICO .

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Ledger Nano S - The secure hardware wallet

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